Sandy Kaul, Head of Digital Assets and Innovation at Franklin Templeton, has a message for anyone who thinks buying Nvidia stock covers their AI exposure: It doesn’t.

Kaul published a paper Tuesday arguing that agentic AI—software that acts, pays, and decides on your behalf without checking with you at every step—will run on crypto rails, not Wall Street ones. Franklin Templeton manages nearly $1.8 trillion in assets.

“Blockchain will be pivotal in allowing agentic AI to realize its potential for consumer transactions, and the growth of agentic AI is likely to become the ‘killer’ use case that drives blockchain adoption,” the asset manager said in its post.

The case turns on what AI agents…